The NBA is reviewing Brooklyn Nets player Spencer Dinwiddie's updated plan to turn his contract into a tokenized investment vehicle, Bloomberg reported Monday.
Dinwiddie announced in a January 10 Twitter video that the digital bond would be released on January 13, and that if fans vote him into the NBA All-Star Game and fulfill his token offering, he'd give his teammates bitcoin.
The player also revealed he'd take eight token-holders to the February game as "part of the Spencer Dinwiddie experience for token holders" if he's voted in.
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The NBA is reviewing Brooklyn Nets guard Spencer Dinwiddie's revised plan to convert his contract into a digital investment vehicle, Bloomberg reported Monday.
Dinwiddie is looking to tokenize his contract and take an upfront payment, The Athletic first reported on September 12 on last year. The digital token would allow Dinwiddie to trade future income for a smaller payment and invest the sum immediately. Investors would be paid principal and interest, while facing the risk that an injury or league ejection could endanger the guard's ability to pay back his bondholders.
The guard initially faced pushback from the NBA as the governing body disapproved of the deal, but the latest news suggests his plan may come to fruition.
"Spencer Dinwiddie's advisers provided us with new information regarding a modified version of their digital token idea, which we are reviewing to determine whether the updated idea is permissible under league rules," the NBA said in a statement to Bloomberg.
Dinwiddie, whose Twitter bio reads "Just a Tech guy with a Jumper," announced in a January 10 video that his bond would launch on January 13. He referred to himself as "the guy that almost got kicked out of the league trying to do some fun stuff with his contract," and revealed that, should fans vote him into the NBA All-Star Game and fulfill his token offering, he'd give his teammates bitcoin.
"Now when speaking about an All-Star nomination for somebody like me, I view it as a team award full of team success," Dinwiddie said in the video posted to Twitter.
Dinwiddie would also award some of the investors holding his token should the two conditions be met. The player said he would to take eight fans to the All-Star Game as "part of the Spencer Dinwiddie experience for token holders."
NBA Executive Vice President and Deputy General Counsel Dan Rube previously said the league reviewed numerous versions of Dinwiddie's plan and found the token would "violate collectively bargained league rules," according to a statement. If Dinwiddie's contract securitization is successful, it could prompt other players to follow suit and change how the NBA views future contracts.
Dinwiddie told The Athletic in November that he doesn't want to "go to war" with the association, and wanted to make the deal easier for players to make in the future. He also noted that such a token would be insulated from risk factors typically associated with investments, including market volatility and economic recession.
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Last week, the NBA and Microsoft announced a new multiyear partnership aimed at transforming the digital fan experience through a new direct-to-consumer platform. Microsoft and NBA Digital will create a Microsoft Azure-powered streaming app that delivers personalized game broadcasts and could contains a range of social and gaming-like reward opportunities (e.g. personal achievements, loyalty points) for fans.
And as part of the partnership, Microsoft will become the marketing partner of the NBA Draft Combine beginning next season, and an associate partner for future events, including NBA All-Star, MGM Resorts NBA Summer League, and the WNBA All-Star.
Two forces are likely motivating the NBA and Microsoft's development of the new AI-driven direct-to-consumer streaming platform:
A need to tailor the viewing experience to an increasingly global NBA audience. The NBA's popularity outside of the US brings with it a diverse fanbase: For example, more than 35% of visitors to NBA.com come from fans outside of North America, per Forbes. While this creates plenty of opportunities, it also presents a challenge as the NBA must account for a more diverse array of interests, preferences, and habits in order to properly serve fans across different markets. Microsoft's AI and machine learning expertise should help the league more easily achieve its goal of personalizing the fan experience at scale. In particular, Microsoft's Azure platform should be able to leverage the NBA's vast array of data sources and its video archive to create a more personalized and localized experience for fans worldwide.
A need to match the shifting viewing habits of younger basketball fans. Most fans under the age of 30 watch significantly less linear TV than older groups, and the digital programs they do watch are often shorter in length. To adapt to those shifting consumptions habits, not only is the NBA increasing its investment in a medium that appeals to younger people, but it's attempting to create an experience that surfaces the exact content a given fan is interested in, whether it be fantasy basketball content, sports betting content, or gaming content, as fast as possible. The surging popularity of short-form content on social platforms like Snapchat and TikTok could provide the NBA with a model of how to appeal to this younger demographic.
The NBA and Microsoft may be looking to create an experience that resembles gaming platforms — and if the recent esports successes of other pro leagues are any indication, that will excite fans. The NBA first experimented with a gamified approach to live game broadcast during last year's NBA finals, when ESPN tested a Twitch-like digital telecast in its app, which featured on-screen hosts and emojis-like symbols flashing on the screen.
And with the coronavirus sidelining live sporting events, leagues have had to dive deeper into gaming to replace traditional sports. For instance, the NBA hosted a 2K Player tournament in April, which aired on ESPN, ESPN 2, and various social channels with a decently strong reception with 387,000 viewers. Similarly, NASCAR, the MLS, and the NHL have also launched esports programming in recent weeks.
And given that NBA fans skew male, young, and are known to spend money to support their teams — qualities shared with most esports fans — the group could be particularly receptive to the integration of gaming-like features into their broader NBA viewing experience.
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